Cover: Seattle skyline, shown for city context—not a property analyzed in this housing report. Photo by Dllu, via Wikimedia Commons, CC BY-SA 4.0. Resized and cropped for display.
Buyers had more homes to choose from across the Northwest Multiple Listing Service area in October 2026, but fewer were going under contract. The result was 4.41 months of housing inventory—the highest for any October since at least 2014, according to NWMLS’s November 5 market report.
That comparison covers the NWMLS service area, not Seattle city alone. It also describes months of inventory, not the number of active listings. The distinction matters when deciding what a regional headline means for a particular home.
October’s numbers: more listings, fewer sales
The official NWMLS October snapshot, covering its 27-county service area, reported:
- 23,519 active listings: up 25.2% from 18,791 a year earlier.
- 7,991 new listings: unchanged from October 2025.
- 5,541 pending sales: down 17.8% year over year.
- 5,332 closed sales: down 14.3%.
- 4.41 months of inventory: up from 3.02 months a year earlier.
NWMLS attributes the inventory buildup to slower sales rather than an increase in new listings. In other words, a larger selection does not necessarily mean more owners are suddenly deciding to sell; homes can accumulate when buyers commit at a slower pace.
What “4.41 months of inventory” actually means
Months of inventory compares the number of active listings at month-end with the number of homes sold during the month. At October’s sales pace, the available supply would take roughly 4.41 months to sell if no additional homes were listed.
It is not a prediction that an individual house will take 4.41 months to sell. A well-positioned property and an overpriced one can have very different outcomes, even within the same neighborhood.
The Seattle-area picture is more local than the headline
King, Snohomish and Pierce counties together had 13,538 active listings, up 31.2% from a year earlier, according to NWMLS. Their combined months of inventory rose to 4.19, compared with 2.66 a year earlier.
Even those three counties should not be treated as one uniform market. NWMLS reported 3.94 months of inventory in Pierce County. Across the broader service area, condominiums had 6.59 months of inventory, compared with 4.14 months for single-family homes.
What buyers and sellers can do with this information
For buyers, more selection is a reason to compare properties carefully—not to assume every seller will accept a large price reduction. Review recent comparable sales, the home’s condition, its time on the market and the cost of any needed work. Ask your lender for a current payment estimate rather than making a decision from the asking price alone.
For sellers, the practical question is how a listing competes with the homes buyers can choose today. Recent comparable sales and current competing listings are more useful than assuming last year’s negotiating conditions still apply.
The October report supports a clear takeaway: buyers had more choices while sales slowed. It does not establish that every Seattle neighborhood is a buyer’s market, or guarantee where prices or mortgage rates go next.
Data covers residential and condominium listings in the NWMLS service area for October 2026 unless a narrower geography or property type is stated.
